Shares

The market goes through a number of phases on any trading day. The particular market phase determines the type of action that may be taken for an order on ASX Trade, which in turn affects how trading is conducted.

Equity market phases (Sydney times)

7am - 10am

Pre-open

10am*

Open

10am - 4pm

Normal Trading

4pm - 4:10pm

Pre CSPA

4:10pm - 4:12pm

Closing Single Price Auction

4:12pm - 4:42pm

Adjust

4:42pm - 6:50pm

Adjust ON

6:50pm - 6:59pm

Purge Orders

6:59pm - 7pm

System Maintenance

7pm - 7:30pm

Close

7:30pm - 2:25am

System Unavailable

2:25am - 7:00am

Close

*Random +/- 15 secs

Pre-opening Phase

Pre-opening takes place from 7:00 am to 10:00 am, Sydney time. During Pre-opening:

Brokers enter orders into ASX Trade in preparation for the market opening.

ASX Trade does not trade orders.

Investors may enter orders on-line. The orders are queued according to price-time priority and will not trade until the market opens.

Overnight and overseas trades may be reported until 9:45 am, Sydney time. These trades must take place according to ASX Operating Rules.

Opening Phase

Opening takes place at 10:00 am Sydney time and lasts for about 10 minutes. ASX Trade calculates opening prices during this phase. Securities open in five groups, according to the starting letter of their ASX code: